Transactions Report Week of 08.07.17

$75.25 million sale of Gateway Park Apartments in Denver closed by HFF

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $75.25 million sale of Gateway Park Apartments, a 328-unit, Class A garden-style multi-housing community located in Denver.

HFF marketed the asset on behalf of the seller, a joint venture between Denver-based Griffis Residential and PCCP, LLC. Jackson Square Properties purchased the asset free and clear of existing financing.

Gateway Park Apartments consists of 22 two-story buildings, which house one-, two- and three-bedroom units averaging 896-square-feet. The property is situated on 20.98 acres at 4255 Kittredge Street near Interstate 70 and Pena Boulevard in northeast Denver placing it within a short distance to several of Denver’s employment centers, including Denver International Airport and the Fitzsimons Medical Campus. Community amenities include two swimming pools with sundecks and all-season spas; outdoor dining area with gas grills; private lake with fishing and beach; walking and jogging path along the adjacent nature preserve; state-of-the-art fitness center, clubhouse with fireplace and kitchenette; business center; and community recycling program. The property was 98 percent leased at closing.

The HFF investment sales team representing the seller was led by managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.

“Gateway Park is a high-quality asset located in one of the Denver metro’s strongest rent-growth submarkets,” Robbins said. “We received a lot of interest in the property due to its value-add nature and supply constrained location.”

NavPoint Real Estate Group is pleased to announce the sale of 3,699 SF Office Building at 412 Jerry Street in Castle Rock. The seller was Merkling Holding, LLC. The buyer was 412 Jerry Street, LLC. Matt Call of NavPoint Real Estate Group handled the transaction. This deal successfully closed in July 2017. The property is conveniently located off Jerry Street and 5th Street located a block from I-25. This building was constructed in 1962 in downtown Castle Rock.

NavPoint Real Estate Group is a comprehensive Commercial Real Estate Services Firm that handles a wide variety of investment assignments. The company provides services including Exclusive Brokerage Representation, Property/Asset Management, and Consulting, throughout Colorado and the Western US covering all Commercial Property types. NavPoint brings an experienced team to every assignment that has a broad understanding of the national Commercial Real Estate market while also bringing acute local knowledge to each assignment.

The firm is currently involved in the exclusive brokerage or management of over 1,500,000 SF of commercial real estate.

Pinnacle Announces the Sale of Net Leased DaVita Property in Denver

Pinnacle Real Estate Advisors, LLC — a full-service commercial real estate brokerage firm servicing clients globally who own commercial properties in the metro Denver area and throughout Colorado — is pleased to announce the sale of 2900 Downing Street Unit C in Denver, CO, a 6,088 SF commercial condominium that is occupied by DaVita Dialysis Centers. The property sold for $1,575,000 on July 27, 2017. Justin Krieger, principal, represented the Colorado buyer, and Pat Swanson at the Irvine, CA office of Colliers represented the California seller.

“The opportunity to acquire a net leased property occupied by a national tenant in central Denver is extremely rare, and my buyers were excited by that along with the above-market cap rate and low lease rate,” said Krieger.

Andrew Sandquist, JC Asensio and Briggs Goldberg in CBRE’s Corporate Capital Markets practice represented the seller, Broadstone Net Lease, a Rochester, New York-based privately offered, publicly reporting REIT. As part of the sale, the CBRE team orchestrated a buyout of the existing tenant’s eight-year lease to clear the way for the building to be sold to a new user.

“We were pleased to represent Broadstone Net Lease in this complicated transaction, which required the lease buyout to facilitate the sale. Through this transaction Johnstown gets a local Colorado manufacturer to operate in the building, which had been vacated.

This was a win-win outcome for CBRE’s client Broadstone Net Lease, the city of Johnstown, the new owner and the previous tenant,” said Mr. Sandquist, executive vice president with CBRE. “This Class-A manufacturing facility, sitting in the midst of Colorado’s dynamic industrial market, is irreplaceable and generated significant interest from national users and investors.”

Located at 3600 Ronald Reagan Boulevard just outside the Loveland area, the Class A industrial facility was custom built in 2012 for manufacturing and features modern, top of the line finishes including a 45’ ceiling clear height.